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Journalise following;
. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.
3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.?
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Journalise following; . Sold personal investment and invested in busin...
1. Journal Entry for Selling Personal Investment
- Sold personal investment and invested in business: Rs. 5,00,000
- Debit: Cash/Bank Account Rs. 5,00,000
- Credit: Personal Investment Account Rs. 5,00,000
2. Transaction with Mittal Bros.
- Purchase of shawls and discounts applied:
- Purchase of Shawls:
- Quantity: 100 shawls
- Cost per shawl: Rs. 3,000
- Total cost: Rs. 3,00,000
- Trade Discount Calculation:
- Trade Discount: 10% of Rs. 3,00,000 = Rs. 30,000
- Net Purchase Amount: Rs. 3,00,000 - Rs. 30,000 = Rs. 2,70,000
- Return of Poor Quality Shawls:
- Returned Shawls: 10
- Amount for returned shawls: 10 x Rs. 3,000 = Rs. 30,000
- Net Amount after Return: Rs. 2,70,000 - Rs. 30,000 = Rs. 2,40,000
- Cash Discount if Paid within 14 Days:
- Cash Discount: 3% of Rs. 2,40,000 = Rs. 7,200
- Final Payment Amount: Rs. 2,40,000 - Rs. 7,200 = Rs. 2,32,800
- Journal Entry:
- Debit: Purchases Account Rs. 2,40,000
- Credit: Cash/Bank Account Rs. 2,32,800
- Credit: Cash Discount Account Rs. 7,200
- Credit: Return Outward Account Rs. 30,000
3. Transaction with Ajay and Sons
- Sale of shawls to Ajay and Sons on 4th January, 2020:
- Sale Details:
- Quantity: 100 shawls
- Cost per shawl: Rs. 200
- Total Sale Amount: Rs. 20,000
- Trade Discount Calculation:
- Trade Discount: 25% of Rs. 20,000 = Rs. 5,000
- Net Sale Amount: Rs. 20,000 - Rs. 5,000 = Rs. 15,000
- Cash Discount if Paid within 14 Days:
- Cash Discount: 5% of Rs. 15,000 = Rs. 750
- Payment Received:
- 40% payment on 14th January, 2020 = Rs. 6,000
- Balance payment on 10th February, 2020 = Rs. 9,000
- Journal Entry:
- Debit: Cash/Bank Account Rs. 15,000
- Credit: Sales Account Rs. 15,000
- Credit: Cash Discount Account Rs. 750
This journalization reflects the transactions accurately, adhering to accounting principles.
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Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.?
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Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.?.
Solutions for Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.? defined & explained in the simplest way possible. Besides giving the explanation of Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.?, a detailed solution for Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.? has been provided alongside types of Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.? theory, EduRev gives you an ample number of questions to practice Journalise following; . Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days.3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February, 2020 by cheque.? tests, examples and also practice UPSC tests.
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